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Need help posting the 2021 transactions into the general journal. The list of accounts is also provided. Our Favorite Store's activities for 2021 Summary Transactions

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image text in transcribedNeed help posting the 2021 transactions into the general journal. The list of accounts is also provided.

Our Favorite Store's activities for 2021 Summary Transactions for 2021 1 Purchased inventory on account for $275,000. 2 Sold goods for cash $60,000; the cost of goods sold was $15,000. 4 Sold goods on account for $900,000 (2/10, n/30); the cost of goods sold was $225,000. 3 Sales returns were $10,000, and had a cost of $2,500. 5 Collected $875,000 of accounts receivable within the discount period. The gross method is used. 6 Purchased supplies on account $2,600, debit supplies. 7 Paid $300,000 of accounts payable - this includes supplies and inventory. Paid the principal balance on the note payble plus interest of $2,400. The balance in interest payable is included 8 as part of this interest payment. Paid salaries of $85,000, this includes the beginning balance in salaries payable, which represents the salaries 9 owed on December 31 of last year. 10 Paid 12-months rent in advance on October 1, 2021 of $18,000, debit pre-paid rent. 11 Purchased equipment for $80,000 on August 1, 2021 by giving a 9-month, 6% note for $80,000. 12 Paid $2,400 for maintenance and repairs. 13 Sold common stock (on January 1), 20,000 shares for $15 per share. The par value is $2 per share. 14 Sold preferred stock, 3,000 shares for $25 per share. The par value is $25 per share. 15 Paid utilities of $4,800. 16 Declared and paid cash dividends to common shareholders, $4,000. 17 Declared and paid cash dividends to preferred shareholders, $2,000. 18 Wrote off$1,650 of uncollectible accounts receivable. 19 Sold equipment having an original cost of $50,000, and accumulated depreciation of $10,000 for $32,000 cash. 19 Our Favorite Store, Chart of Accounts Liabilities Stockholders Equity 20 Assets 21 22 Cash 23 Accounts Receivable 24 Allowance for Doubtful Accts. 25 Inventory 26 Supplies 27 Prepaid Rent 28 Equipment 29 Accumulated Depr. - Equipment 30 Accounts Payable Interest Payable Notes Payable Salaries Payable Utilities Payable 31 32 Common Stock APIC - Common Preferred Stock Retained Earnings Dividends Sales Revenue Gains (Other) Sales Discounts Sales Returns and Allowances Depreciation Expense Interest Expense Maintenance & Repairs Expense Rent Expense Salary Expense Supplies Expense Tax Expense Uncollectible Accounts Expense Utilities Expense Losses (Other) 33 34 35 36 37 38 39 40

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